The House of Representatives has taken a step toward establishing the Nigerian Fintech Regulatory Commission, a proposed body that will oversee and license financial technology companies nationwide.
The bill, sponsored by Hon. Fuad Kayode Laguda of Surulere 1 Federal Constituency, seeks to bring structure and accountability to Nigeria’s booming fintech industry, which currently operates without a single regulatory authority.
Laguda explained that the initiative is designed to promote consumer protection, innovation, and fair competition, ensuring that fintech operations are transparent and well-regulated.“
Creating this commission will strengthen public trust and stability in the fintech ecosystem,” he said.
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